Foley Says He Will Release 2013 Tax Returns

Tom Foley

Brad Horrigan

Foley has been criticized by Gov. Malloy for not paying income taxes in 2011 and 2012 after the returns he allowed reporters to view last month revealed that his effective tax rate in those years was zero.

Foley has been criticized by Gov. Malloy for not paying income taxes in 2011 and 2012 after the returns he allowed reporters to view last month revealed that his effective tax rate in those years was zero. (Brad Horrigan)

Republican gubernatorial candidate Tom Foley agreed Wednesday to release his 2013 tax returns, following his release of partial tax returns from 2010 to 2012 last month.

Foley had requested an extension for his 2013 taxes, and on Wednesday, the deadline for late filers, he said at a campaign stop that he planned to release the returns as early as this week.

"I'll provide them," Foley said. "In the next few days."

Foley, a wealthy Greenwich businessman, has been criticized by Democratic Gov. Dannel P. Malloy for not paying income taxes in 2011 and 2012 after the returns he allowed reporters to view last month revealed that his effective tax rate in those years was zero.

In 2010, Foley earned $1.1 million, and his effective tax rate was 31 percent. But in the following two years, alimony paid to his ex-wife and investment losses resulted in adjusted gross incomes of negative $65,705 and $20,462, which both resulted in negative taxable income those years.

HARTFORD — Republican gubernatorial candidate Tom Foley provided reporters with access to portions of his federal tax returns Friday that showed he reported an adjusted gross income of $20,462 in 2012 and negative $65,705 in 2011.

For both those years, his effective tax rate was zero because his...

(Christopher Keating and Jenny Wilson)

When asked Wednesday if he earned any income in 2013, he laughed and said, "I don't think so."

Malloy, who this campaign season has sought to portray Foley as a millionaire who is out of touch with the struggles of ordinary Connecticut residents, has repeatedly hammered his opponent for not paying income taxes, questioning how someone who owns a yacht and two private jets could have not have paid any income taxes in 2011 and 2012.

Foley has laughed off the governor's criticisms, saying, "In America, if you don't have any income, you don't pay taxes."

Foley spent $10 million of his own money when he ran for governor against Malloy in 2010, but this year, both candidates are participating in the state's public financing program and received $6.2 million taxpayer-funded grants to use in the campaign.

In a ballroom at the Connecticut Broadcasters Association conference at the Hilton Hartford,...

(CHRISTOPHER KEATING)

Malloy, has released partial tax returns for the past four years, which showed he paid effective federal tax rates of 38.19 percent, 20.7 percent, 25.3 percent and 25.2 percent. In those years, the total income figures for Malloy and his wife, Cathy, were $319,912, $212,892, $303,467 and $305,534.